Correct, but if they're right in that belief then it's still just a matter of time before demand goes down and the shortage is solved.

If they're wrong and this is actually a permanent spike in demand, then it'll take the industry a while to realize it but eventually they'll collectively figure it out and increase supply. The ones who figure it out soonest and increase supply fastest will profit the most. The ones who figure it out slowest will lose market share.